Credit card options for retirees

[KingHuang]

Hey gang,

Has anyone had any luck with CC approvals though retired and showing no income? I have seen some posts back in 2020-2022 but all very sporadic information

1. If so, could you please kindly share what banks they are
2. Any with higher approval rate based on your experience
3. The banks that I am considering would be: Amex Charge, QFF points, or HSBC Alliance
4. Anything that would give a higher chance of approval?
5. And the creditsavvy score is sitting at 900+

EDIT: 6. Have had a 10k NAB cc for the last 15 years, would that benefit any application?

TIA!

 

[burmans]

Income is the primary thing banks look for so sorry, but no income = no chance.

 

[DC3]

Ability to repay

 

[Major]

They don't care how much cash or assets you have. If you don't have a regular income the banks are not interested in providing you with a CC.

 

[CaptJCool]

So is it “regular income”
Or regular superannuation income
Or taxable income
Or Centrelink based ‘accounting’ income

 

[burmans]

So is it “regular income”
Or regular superannuation income
Or taxable income
Or Centrelink based ‘accounting’ income

They are interested in actual $ (or possibly equivalents) they can see hitting your bank account, not accounting income and they don’t seem to care if it’s taxed or not.

 

[Dr Ralph]

Income is the primary thing banks look for so sorry, but no income = no chance.

This isn't my recent experience. I have already detailed experiences earlier this year where I couldn't be bothered listing income/expenses and was still approved.

 

[KingHuang]

This isn't my recent experience. I have already detailed experiences earlier this year where I couldn't be bothered listing income/expenses and was still approved.

which bank was this? Or you can DM please

 

[Dr Ralph]

which bank was this? Or you can DM please

Just check my posts...Amex, citibank/NAB.

Qantas Premier Credit Card

Did you have to give them all your income and expenses etc? I certainly did. I was honest and was slightly under with their annual income minimum but thought I would submit it anyway expecting a refusal. This wasn't the first time I didn't quite make the income minimum and got approved. I...

www.australianfrequentflyer.com.au

And just today (although i didn’t specifically note the lack of detail I supplied. I just can't be bothered filling in the details requested anymore. Just let them call you.):

Card Promotions - G&C Mutual Bank Platinum Visa Credit Card. 50,000 bonus QFF points for a new card.

I’ve not dealt with or seen any offers from this bank previously. But I decided to have a go and sign up. Some key points for the current offer: 1) Sign up, spend $5000 in the first 90 days and get 50,000 bonus QFF points. 2) Annual fee of $299. 3) Earn 1 QFF point per $1 spend, up to 20,000...

www.australianfrequentflyer.com.au

 

[SYD]

Apparently Coles MC is generous. Noel Whittaker wrote an article (possibly paywalled?)…

Out of credit? The solution for retirees who want a card

Time and time again retired Australians tell me they are unable to get a credit card of their own. But there may be a solution.

www.smh.com.au

Double benefit, the Coles MC is Int Tx Fee free and pays FlyBuys (so some point earn capacity).

 

[KingHuang]

Just check my posts...Amex, citibank/NAB.

Qantas Premier Credit Card

Did you have to give them all your income and expenses etc? I certainly did. I was honest and was slightly under with their annual income minimum but thought I would submit it anyway expecting a refusal. This wasn't the first time I didn't quite make the income minimum and got approved. I...

www.australianfrequentflyer.com.au

And just today (although i didn’t specifically note the lack of detail I supplied. I just can't be bothered filling in the details requested anymore. Just let them call you.):

Card Promotions - G&C Mutual Bank Platinum Visa Credit Card. 50,000 bonus QFF points for a new card.

I’ve not dealt with or seen any offers from this bank previously. But I decided to have a go and sign up. Some key points for the current offer: 1) Sign up, spend $5000 in the first 90 days and get 50,000 bonus QFF points. 2) Annual fee of $299. 3) Earn 1 QFF point per $1 spend, up to 20,000...

www.australianfrequentflyer.com.au

Just read through the post, was this:

1. Amex charge or CC
2. Guess you don't need to write retired then....?

 

[AustraliaPoochie]

The best one, if all the others have said no, is the QTMC, earning QFF points.
Yes, its very low earn rate, only 0.25 points per $1 spent in Aust, but its easy to get.
That is of course, the last "final" if you have tried all the others.
Granted, its not a real real credit card, but it still keeps your QFF account alive, points appear at the end of the month, and its accepted at tap and go in NZ when I use it over there..

 

[KingHuang]

Sorry guys just updated another point to see if it helps at all.

6. Have had a 10k NAB cc for the last 15 years, would that benefit any application?

 

[Pug1]

I very recently applied and was approved for a new NAB rewards platinum card and had no problem getting it. I expected some questioning as nearly all of our income comes from our SMSF, and we are both retired. All I gave them was the SMSF's last tax return and it was approved quickly. I wanted this card as a fallback as our other CBA card is the same for me and my wife, which is a bit risky if it gets blocked for any reason. Plus, I'm going overseas this week, and the second card is handy. I applied for $10K credit as that was plenty for us.

 

[Cynicor]

Sorry guys just updated another point to see if it helps at all.

6. Have had a 10k NAB cc for the last 15 years, would that benefit any application?

Nope. Open cards don’t help.

Coles MC is great as a single card for travellers. Points earn is ok, and no FX fee is amazing.

 

[DC3]

Have had a 10k NAB cc for the last 15 years, would that benefit any application?

Probably just another 10k of potential debt from a cc provider’s view.

 

[Seat0B]

So is it “regular income”
Or regular superannuation income
Or taxable income
Or Centrelink based ‘accounting’ income

Our “wealth adviser” at the CBA told us the following:

• Government pension or govt/large industry super fund they will count your pension as 90% of the amount you receive - no idea wh6 when they count salary from the Govt at 100% of face value
• SMSF pension they count as zero because it is risky

Such BS - when you are employed even if self employed they count at least a % of that as income, so it is just outright age discrimination that they won’t count SMSF pension. And I am not talking about having no income - I have a hefty pension income from my SMSF and some Govt super from my time in the ADF and APS, on which I pay very little tax because of my age, but apparently I cannot get a new credit card. I’m so glad I took advice from a friend who had this problem when she retired a few years before me and got several cards with big limits before I retired, plus a line of credit. It does make churning for sign on bonuses all but impossible though.

it’s infuriating really.

 

[Dr Ralph]

Our “wealth adviser” at the CBA told us the following:

• Government pension or govt/large industry super fund they will count your pension as 90% of the amount you receive - no idea wh6 when they count salary from the Govt at 100% of face value
• SMSF pension they count as zero because it is risky

Such BS - when you are employed even if self employed they count at least a % of that as income, so it is just outright age discrimination that they won’t count SMSF pension. And I am not talking about having no income - I have a hefty pension income from my SMSF and some Govt super from my time in the ADF and APS, on which I pay very little tax because of my age, but apparently I cannot get a new credit card. I’m so glad I took advice from a friend who had this problem when she retired a few years before me and got several cards with big limits before I retired, plus a line of credit. It does make churning for sign on bonuses all but impossible though.

it’s infuriating really.

I'd suggest that your wealth advisor knows very little.

 

[BCons]

Knocked back recently by Westpac - ability to repay given as the reason, but they really didnt want to be drawn on the exact, particular, elements of why.

Self managed Super is apparently fraught - the example I gave them of somebody with $1.6 mio in Super earning a modest 5% p.a would have $80k tax-free didnt persuade..

If you know an actual real-life person who works for a bank then maybe you can do better than the box-tick online application form. In my case it didnt really allow me to give sufficient detail for bank to start taking me seriously, and subsequent uploads of SF info and other income sources werent enough to change thr mind, despite escalation/review.

 

[tgh]

I guess there must a gross net worth point where credit cards become readily available regardless of income source, there seems no other explanation.